KATHMANDU: Nepal has witnessed a remittance inflow of Rs 729 billion in the first nine months of the current fiscal year. Though the coronavirus pandemic has negatively impacted employment opportunities in the key labor destinations, the remittance flow paints a different story.
According to the remittance inflow update of nine months disclosed by the Nepal Rastra Bank today, the inflow has increased by 16.5 percent.
The remittance inflow had declined by 4.2 percent in the corresponding period last fiscal year, according to the NRB update. Such inflow had slumped by 4.9 percent in the last fiscal year.
During the reporting period, the number of Nepali people obtaining final work permits (institutional and individual – new and legitimization) for foreign employment destinations had reduced by 66.7 percent. However, the number had increased by 10.2 percent in the corresponding period last year.
The number of Nepali people receiving renewed work permit for overseas employment had declined by 55.7 percent in the first nine months of the current fiscal year. In the same period last year, it had gone down by 15.0 percent.
According to the central bank, the net transfer has increased by 14.4 percent in the reporting period. It had slumped by 4.7 percent in the corresponding period last year.
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